Instructure, the Utah-based educational technology company, went public on Friday on the New York Stock Exchange. After setting a price at $ 16, shares rose 8% in the early afternoon.
Instructure, which is not yet profitable, is building educational software for K-12 teaching and corporate learning. Blackboard’s competitor claims to have more than 10 million users of its products in more than 25 countries.
We are seeing a “huge renaissance” in educational technology, CEO Josh Coates told TechCrunch. “The industry in general has been underserved by technology.”
In addition to Blackboard, Instructure’s Canvas software competes with Desire2Learn and Moodle. Its Bridge service competes with offerings from Cornerstone OnDemand, Saba Software and SumTotal Systems.
Founded in 2008, Instructure has raised approximately $ 80 million in the capital of OpenView Venture Partners, Epic Ventures, Bessemer Venture Partners and Insight Venture Partners. OpenView and Epic held the largest stakes, with 22.5% and 21.8% before the IPO.
Utah’s tech community has seen a resurgence in recent years. Other pre-IPO companies include Pluralsight and Qualtrics.
âI have seen incredible growth in the Utah ecosystem,â Coates said. There are “a half-dozen really exciting tech companies in Utah right now getting ready to go into government procurement.”